The high cost of a higher education: Is it worth it?

Dawn Arruda is one of many students at BCC to realize that a college education — though expensive — can lead to a satisfying career and better earning potential. But getting a degree can be costly. It requires some planning, according to higher education officials.

So, from a cost-benefits analysis standpoint, is college worth the investment?

In June, Dawn Arruda finally crossed off her to-do list a task that had been 20 years in the making.

She earned her associates degree in science, with honors.

It wasn’t easy. The Fall River resident has two kids. She had to balance family, school and work. But it was worth it.

“It’s something that I’ve always wanted to do,” said Arruda, who graduated from Bristol Community College.

A few years ago she found herself unemployed. And her children were no longer young. The timing was right for Arruda to further her education.

Now she plans to enroll in BCC’s occupational therapy assistant program, and hopes to find a job working at a senior living facility.

Arruda is one of many students at BCC to realize that a college education — though expensive — can lead to a satisfying career and better earning potential.

But getting a degree can be costly. It requires some planning, according to higher education officials.

It’s no secret that tuition is costly: Rates have risen at a pace that’s generally been higher than the annual rate of inflation. And student loan debt has ballooned.

Arruda feels it’s been worth it so far. She has been working on campus at BCC’s student enrichment center. And at home, her children helped her with homework — after several years removed from math, she needed to be refreshed on fractions.

As for her job prospects when she leaves school, “I’m more hopeful,” Arruda said. “I think I’m on the right path.

“When I talk to students, I tell them do not borrow more money than you’re going to earn in your first year out of school.”

So, from a cost-benefits analysis standpoint, is college worth the investment?

A study from the Georgetown University Center of Education and the Workforce suggests, yes. The study found that those who obtain at least a bachelor’s degree earn nearly $1 million more over the course of a lifetime — a 40-year span — than peers with just a high school diploma. The average: $2.27 million versus $1.3 million, or 84 percent more.

The class of 2013 graduated with an average student loan debt of $26,000. The amount of student loan debt can negate the earning potential, especially if it takes long to find a job in the field, says Donald Farish, president of Roger Williams University in Bristol, R.I.

“Students have to recognize that just having a college degree doesn’t guarantee very much,” Farish says.

Traditional liberal arts degrees — like English — on their own do not necessarily translate to post college careers, Farish said. One must pick up a skill along the way.

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“That’s why engineering degrees, those jobs are generally pretty good. Now a person graduating with a liberal arts degree, that group tends to be under-employed,” Farish said.

While he wouldn’t discourage students from majoring in liberal arts, Farish recommends supplementing the program with a minor, in a field that would make those students “job ready.”

Financial aid advisers all agree: Students should try to keep borrowing as low as possible.

“It’s really important to only borrow what you need,” says Audra Callahan, associate director of financial services at the University of Massachusetts Dartmouth.

Starting at a community college may help. “You can effectively cut your debt in half,” Farish said.

“Don’t go into the private sector to borrow,” Farish said. “The interest rate is going to be way higher than what you would get through the federal government, which will allow $30,000 in borrowing over four years. ... I would be uncomfortable telling someone to borrow more than $30,000.”

“Unfortunately, we see more and more students trying to receive financial aid for living expenses,” says David Allen, the director of financial aid at BCC. “It really is tough out there. … I can help them with their direct education costs, but unfortunately, we’re not in a position to lend for living costs.”

BCC has a policy of open enrollment, which has its upsides and downsides, according to Allen. The school will accept anyone who wants to pursue an education. But often, potential students make last-minute decisions to enroll. That means many students start school without a financial aid package in place, or a plan for how they plan to pay for school. Many don’t even have money for books on that first day of class, Allen says.

“Deciding in August that you want to go to school really does not give you enough time,” Allen says. “For those last-minute students who need financial assistance, it doesn’t come quickly enough. They can become very discouraged.

“And those who are better prepared are more likely to succeed."

Callahan says financial aid is available for the students who look diligently — in the form of federal, state and small private grants and scholarships.

Some 7,000 students at UMass Dartmouth receive financial assistance, Callahan said. Between undergraduate and graduate students, the school has a total student population of around 9,000.

Parents, often facing their own economic hardships, are able to contribute less on average toward their children's education than in years prior.

BCC student Shelby Fumo, 21, was seen doing work on her laptop Wednesday night in the school’s library. She says she is relying on federal Pell Grants and pays the balance from out of her own pocket to pay tuition.

When asked if she’s had to take out any loans, Fumo says, “I haven’t yet.” She’s a mother of two, pursuing a career in criminal justice.